Indian-Origin CEO Takes Pay Cut to Give Employees Raise
Satish Malhotra CEO of The Container Store, an American retail chain
- Satish Malhotra, CEO of The Container Store, has voluntarily taken a 10% salary cut to facilitate salary increases for other employees.
- The Container Store is an American retail chain, and Malhotra has been serving as its CEO since February 2021.
- Prior to his role at The Container Store, Malhotra worked at Sephora for 20 years, a globally recognized cosmetics chain.
- This salary reduction by Malhotra will last for the next 6 months, during which he will receive Rs 6.9 crore instead of Rs 7.7 crore.
- This move aligns with a trend among some CEOs, like Tim Cook and Sundar Pichai, who have sacrificed parts of their salaries to support employee compensation amidst company cost-cutting measures.
